Horizon Group was hard hit by last year's round of retailer bankruptcies, resulting in a default on a $45.5-million loan securing six properties Daleville, IN; Traverse City, MI; Gretna, NE; Sealy, TX: Somerset, PA and Tulare, CA.
"The overall results of the Company must be viewed by isolating the results of the six properties subject to the non-recourse loans originated by JP Morgan on which we are currently in default," explains president and chief executive officer Gary J. Skoien in a statement. "Excluding those properties, we had a solid quarter and we continue to strive to improve the performance of the four properties which we are seeking to refinance. We have received positive indications of interest from several lenders and are cautiously optimistic that we will secure replacement financing prior to the maturity of the loan in July of this year."
Among the better performing properties in the portfolio are Lakeshore Martketplace in Norton Shores, MI, where occupancy rose five percentage points to 94%; a property in Traverse City, MI that posted a nearly six-point gain to 88%; a property in Laughlin, NV where occupancy is up three points to 86.9%; and a property in Medford, MN where occupancy rose a point to 85.2%.
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